Monocacy CPAs & Advisors

09/11/2024

New 5.0-star Review: "I can always trust Faragalla to handle my complex tax returns."

07/31/2024

Set reminders for the important tax dates regarding payroll taxes, estimated quarterly taxes, and when you need to initiate payroll for each pay period. We'll help you make sense of cents, contact us at (301) 360-9500.

07/30/2024

Have you ever wanted to open up your own business but are afraid that it might be a difficult process? Have no fear! These success tips are great places to start and keep at the forefront of your mind when building your startup company. Need assistance with getting your business finances in order? Call us at (301) 360-9500 – we can help!

Startup Grind is a startup community in 120 countries delivering education, connections, and opportunities to help startups and scaleups grow.

07/29/2024

We can’t exercise once a quarter and expect to be in great shape. Just like fitness, effective bookkeeping requires our attention and energy on a regular basis. Ideally, you should log expenses and payments received as they occur. If not applicable for you, set aside 20-60 minutes once a week to record transactions and review financial statements. Books behind? Get caught up by contacting us at (301) 360-9500 to discuss how we can help you!

07/26/2024

Bookkeeping and accounting – what’s the difference anyway? While often used interchangeably, they are actually pretty different and what makes them distinct from the other may surprise you!

In the world of finance and business, bookkeeping and accounting are sometimes used interchangeably, but they serve distinct purposes and involve different tasks. Understanding the difference between bookkeeping and accounting is essential for effective financial management and decision-making. In t...

07/24/2024

An examination audit is what people are really scared of, but less than 1% of Americans are audited in a given tax year. A face-to-face examination can take place in your home, your workplace, your lawyer's office, or at an IRS office. When the audit is completed, the auditor will determine what's required to rectify the situation. If you disagree with their assessment, there's an appeals process. Contact us at (301) 360-9500 today.

07/22/2024

When you work with us, we’ll offer year-round tax planning guidance to help you reduce the tax obligations of your business. Running a business is hard, but taxes shouldn't be. Let our professional enrolled agents help you navigate the tax maze! Contact us at (301) 360-9500 to get started.

07/19/2024

International tax requirements can be incredibly difficult to navigate, especially if you are self-employed and conduct business worldwide. It is vital that one learns the tax compliance laws when handling business globally to ensure that no penalties are accrued.

Navigating international tax obligations can be complex, especially for self-employed individuals who conduct business across borders. Understanding the tax implications of self-employment income earned abroad is crucial for compliance and avoiding costly penalties. In this blog post, we'll explore....